One of the most luxurious venture that an entrepreneur can pursue with hassle-free worry about systems and branding campaigns, would be to purchase a Franchise Business or become a Franchisee for established businesses. Launching a franchise may require entrepreneurs to invest some amount of capital to acquire the rights towards the brand, the products and services and the processes in which it conducts its business. Seeing how franchising is a growing trend in most emerging markets in Asia, here are 11 Steps that Entrepreneurs Must Know when they decide to Open a Franchise.
Franchise Business That Stood The Test of Time
From local Malaysian brands like Old Town White Coffee, to Ramly Burger, to Asian brands like Chatime from Taiwan or Ochado from Japan, each of these brands, when first opened in Malaysia, provided other aspiring entrepreneurs with the opportunity to launch their own entrepreneurial dreams by adopting the proven methods of running the business and already having to follow an established business system and best practices.
Here are the 11 Steps that Entrepreneurs Must Know to Open a Franchise Business
While these steps are practiced globally, it is very much advisable to understand the details of each and every franchise business that one might intend to venture with for it can either make or break your finances. Precautions can be taken before acquiring the franchise and some valuable questions would be:
Is there competition in your proposed area?
What marketing efforts does the company do for you?
Will you be given exclusivity within a certain radius?
What sort of training will be provided?
Does the cost of franchise fee cover materials and workforce?
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